#GBPUSD Breakout Of The Triangle Pattern
🔹After a volatile week for the Pound in the aftermath of the UK general election, the pair jumped from 1.261 to 1.283, 1.8% increase in one week.
🔸UK inflation reached the BoE's 2% target in May for the first time in nearly three years. Core inflation fell from 3.9% to 3.5%, and services inflation fell from 5.9% to 5.7%, still high for the BoE.
🔹BoE may wait for further evidence of falling inflation before cutting rates, till then pound if combined with a weak Dollar it can reach higher levels such as 1.286, 1.289, 1.296 and 1.310.
🔸Thursday’s upcoming US CPI report is anticipated to drive US dollar volatility. The US dollar index (DXY) saw marginal upward movement following Powell's remarks. If the coming reports had a positive impact on the dollar we can expect the GBPUSD pair to fall back inside the pattern and down to 1.268, 1.262, the 200 MA (1.258) and 1.244.
Zanzibar Trading
🔸UK inflation reached the BoE's 2% target in May for the first time in nearly three years. Core inflation fell from 3.9% to 3.5%, and services inflation fell from 5.9% to 5.7%, still high for the BoE.
🔹BoE may wait for further evidence of falling inflation before cutting rates, till then pound if combined with a weak Dollar it can reach higher levels such as 1.286, 1.289, 1.296 and 1.310.
🔸Thursday’s upcoming US CPI report is anticipated to drive US dollar volatility. The US dollar index (DXY) saw marginal upward movement following Powell's remarks. If the coming reports had a positive impact on the dollar we can expect the GBPUSD pair to fall back inside the pattern and down to 1.268, 1.262, the 200 MA (1.258) and 1.244.
Zanzibar Trading
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